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    (Original post by Jasinfinities)
    Yeah that was D bc the more capital goods you produce, the higher the economic growth. The more consumer goods you produce, the higher the standard of living.
    Ah thank you, thats what I put! Overall, I found the short questions fine and some of the longer ones were ok but time was a huge issue for me, I ended up doing the last 14 marker in the last 10 mins... I just hope I got everything down!
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    What other multiple choice questions were there
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    What data response did you do..

    I did the one about iron ores. I think most of the multiple choice questions were good. What did everyone put for the buffer stock scheme question? I said the government will sell wheat from its stockpile as in 2016 it had a bad harvest.

    For the YED question I said that the income elasticity ofdemand I think was it for fish was greater than the other one (I can't remember all the meats)- I put down D. For the very first question I also put D as producing more capital goods results in long term economic growth. For the producer surplus I said technology will increase producer surplus as costs of production will be lower.

    Does anyone remember the other MCQ's??
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    (Original post by ACTT)
    What other multiple choice questions were there
    There was the question on PED and price falling from 600 to 500 - I calculated the PED for the initial price change and came to the conclusion that demand was price elastic. I said that an increase in price will lead to a fall in revenue as a rise in price will lead to a more than proportionate fall in demand and hence, revenue.
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    (Original post by amg96)
    There was the question on PED and price falling from 600 to 500 - I calculated the PED for the initial price change and came to the conclusion that demand was price elastic. I said that an increase in price will lead to a fall in revenue as a rise in price will lead to a more than proportionate fall in demand and hence, revenue.
    But the revenue increased from £100,000 to £180,000 and how would you calculate PED without figures of changes in quantity demanded ?
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    (Original post by amg96)
    There was the question on PED and price falling from 600 to 500 - I calculated the PED for the initial price change and came to the conclusion that demand was price elastic. I said that an increase in price will lead to a fall in revenue as a rise in price will lead to a more than proportionate fall in demand and hence, revenue.
    correct
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    (Original post by A-LevelEconomist)
    But the revenue increased from £100,000 to £180,000 and how would you calculate PED without figures of changes in quantity demanded ?
    Didn't it say the price rose from £500 to £600?
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    (Original post by A-LevelEconomist)
    But the revenue increased from £100,000 to £180,000 and how would you calculate PED without figures of changes in quantity demanded ?
    There were figures on the diagram - i.e. price falling from £600 to £500 and demand rising from 200 to 300. The figures were there.
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    (Original post by A-LevelEconomist)
    Didn't it say the price rose from £500 to £600?
    yes, which lead to a decrease in revenue because demand is elastic
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    (Original post by amg96)
    There were figures on the diagram - i.e. price falling from £600 to £500 and demand rising from 200 to 300. The figures were there.
    Yes I'm pretty sure the questions said that the holiday company was going to INCREASE the price from £500 to £600 for the Ibiza holiday..
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    (Original post by epic within)
    yes, which lead to a decrease in revenue because demand is elastic
    revenue decreased either by 5000 or 3000 don't remember the number though
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    (Original post by A-LevelEconomist)
    What data response did you do..

    I did the one about iron ores. I think most of the multiple choice questions were good. What did everyone put for the buffer stock scheme question? I said the government will sell wheat from its stockpile as in 2016 it had a bad harvest.

    For the YED question I said that the income elasticity ofdemand I think was it for fish was greater than the other one (I can't remember all the meats)- I put down D. For the very first question I also put D as producing more capital goods results in long term economic growth. For the producer surplus I said technology will increase producer surplus as costs of production will be lower.

    Does anyone remember the other MCQ's??
    I did the iron ore one as well, yeah I put all the same answers as you I think and it was meat had a higher income elasticity than fish. Tbh, I can't really remember many of them! There was one about the price mechanism and I said it was a signal for firms, and that's all I can remember!
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    (Original post by A-LevelEconomist)
    Didn't it say the price rose from £500 to £600?
    Yes, after the initial price rise - I think we're meant to calculate the initial PED value.
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    (Original post by epic within)
    yes, which lead to a decrease in revenue because demand is elastic
    But revenue increased from £100,000 to 180,000.

    Originally at the price or £500, 200 was quantity demanded =£100,000

    The new price of £600, 300 was the quantity demanded, =180,000
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    (Original post by amg96)
    Yes, after the initial price rise - I think we're meant to calculate the initial PED value.
    PED was around 1.3
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    Can we make an unofficial mark scheme?
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    (Original post by A-LevelEconomist)
    But revenue increased from £100,000 to 180,000.

    Originally at the price or £500, 200 was quantity demanded =£100,000

    The new price
    of £600, 300 was the quantity demanded, =180,000
    Quantity was 200 at £600
    Quantity was 300 at £500
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    (Original post by amg96)
    For the producer surplus one, I put down successful advertising as my diagram after showing an outward shift in demand increased my producer surplus. A rise in supply, caused by a rise in supply, will lead to a fall in producer surplus.

    The iron ores question was alright.
    From what I can remember, I think it said a successful advertising campaign for tea so it would cause a decrease in demand for coffee. I think I put the increase in technology for coffee production as from the diagram I drew, the surplus did look a bit bigger but it could be wrong.
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    (Original post by emilia_claire)
    From what I can remember, I think it said a successful advertising campaign for tea so it would cause a decrease in demand for coffee. I think I put the increase in technology for coffee production as from the diagram I drew, the surplus did look a bit bigger but it
    could be wrong.
    Technological improvement Lowers cost of production for instant coffee firms, increases producer surplus
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    (Original post by A-LevelEconomist)
    But revenue increased from £100,000 to 180,000.

    Originally at the price or £500, 200 was quantity demanded =£100,000

    The new price of £600, 300 was the quantity demanded, =180,000

    No, £600 had 200 and £500 had 300
    Demand is inverse to price
 
 
 
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